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The Adams Corporation, a merchandising firm, has budgeted its activity for November according to the following...

The Adams Corporation, a merchandising firm, has budgeted its activity for November according to the following information:

• Sales at $490,000, all for cash.

• Merchandise inventory on October 31 was $220,000.

• The cash balance November 1 was $22,000.

• Selling and administrative expenses are budgeted at $72,000 for November and are paid for in cash.

• Budgeted depreciation for November is $33,000.

• The planned merchandise inventory on November 30 is $250,000.

• The cost of goods sold is 70% of the selling price.

• All purchases are paid for in cash.

• There is no interest expense or income tax expense.

The budgeted cash receipts for November are:

a) $523,000

b) $355,000

c) $490,000

d) $135,000

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Answer #1

Answer- The budgeted cash receipts for November are = $490000 (Option c).

Explanation- Budgeted cash receipts = Total cash sales = $490000.

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